THE House of Representatives Standing Committee on Economics today tabled the report of its review of the performance of the Australian Competition and Consumer Commission (ACCC).

Committee chair, Tim Wilson MP, said, "The ACCC has an important role to play in monitoring and holding individuals and groups to account for anti-competitive behaviour and breaches of Australia’s consumer law."

The committee examined the ACCC’s work on competition and Australian Consumer Law (ACL) penalties, including regulation of competition in the financial sector, criminal cartel cases arising from ACCC investigations, and electricity and gas pricing.

"While strong competition laws and corresponding penalties have been in place since 2007, until recently this has not been reflected in the pecuniary penalties imposed in competition cases," Mr Wilson said. "There is still much work to be done by the ACCC and in the legal system to clearly demonstrate to companies that for serious competition breaches there will be serious consequences.

"In particular, penalties for competition law breaches must take into account company size and turnover for them to be an effective deterrence to anti-competitive behaviour," he said. 

Since the hearing, the Treasury Laws Amendment (2018 Measures No. 3) Bill 2018 was passed, and will correct the disparity between competition and consumer law penalties. The maximum penalties under the ACL will now align with the maximum penalties under the competition provisions.

Mr Wilson said, "The ACCC’s recent more proactive approach to issues in the financial sector is essential. Arising out of this committee’s recommendation in November 2016, the Government established the Financial Services Unit, through which the ACCC now has a permanent role in monitoring the banks on competition matters."

The committee also examined the ACCC’s work in energy markets on electricity and gas supply and affordability. Since the hearing, the Government has tasked the ACCC with monitoring and reporting on electricity prices, at least every six months, until 2025.

The report is available at: https://www.aph.gov.au/economics/completed_inquiries

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THE House of Representatives Standing Committee on Economics today tabled the report of its Review of the Reserve Bank of Australia Annual Report 2017 (Second Report).

The report provides a summary of issues raised at the public hearing with the Reserve Bank in Canberra on 17 August 2018.

The Chair of the committee, Tim Wilson MP, said, "The Governor’s testimony highlighted the strength of Australia’s economy. The RBA expects GDP growth to average around 3¼ percent by the end of 2018 through to the end of 2019."

"Australia’s strong GDP growth is being supported by a pick-up in non-mining investment, strong commodity prices, growth in investment in energy projects and public sector infrastructure, low interest rates and the tax cuts already in place for small and medium businesses," Mr Wilson said.

"Australia’s labour market has continued to strengthen with the labour force participation rate close to its historical high. Strong, continued growth in employment is expected to further reduce spare capacity in labour markets and generate a gradual increase in wages and inflation.

"While growth in average wages has been relatively low, we have turned the corner on wages growth. The wage price index increased by 0.6 percent in the June quarter, which is the fastest quarterly increase since March 2014," Mr Wilson said.

For information about the inquiry visit the committee’s webpage at: www.aph.gov.au/economics

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THE Queensland Resources Council (QRC) has welcomed the announcement of Project Goog-a-binge, the Shell QGC joint venture, that will employ up to 350 people, and inject new gas supply into the East Coast gas market.
 
QRC chief executive Ian Macfarlane said the project would see 250 new wells on the Western Downs and deliver a much needed economic boost to the regions.
 
“We back our resources industry in Queensland, and that means we’re in the box seat to supply local gas users and support local jobs,” Mr Macfarlane said. 
 
“I applaud Shell QGC and the Queensland Government for their continued support of the State’s gas industry.
 
“More gas being produced is good news for all gas customers, both domestic and export. With a go-slow on gas development in NSW, and a blanket ban on some types of gas projects in Victoria, what the Southern States are really saying is they’re not prepared to support local jobs and local industry.
 
“Queensland is putting up its hand for more investment made possible by a strong resources industry that creates jobs, supports regional communities and has paid $387 million in agreements with landholders.”
 
The project, near Wandoan, Miles, Chinchilla and Tara would deliver about 930 petajoules of gas to market over the next three decades. Goog-a-binge was chosen by the local Iman traditional owners and is the Iman name for a scrub turkey.
 
Local businesses are encouraged to register online with EconomX for work opportunities. 
 
QRC’s data shows the Queensland’s gas industry contributed $8.9 billion to the State’s economy and supported almost 43,000 full-time Queensland jobs.

www.qrc.org.au

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ACCORDING to International Standards, we are living in a digital age where the traditional boundaries between the physical and virtual spheres are becoming increasingly blurred.

This has given rise to the Fourth Industrial Revolution, which is characterised by disruptive technologies such as artificial intelligence, robotics, nanotechnology and the Internet of Things.

World Standards Day, October 14, highlights the crucial role of International Standards.

The Fourth Industrial Revolution affects almost every industry in every country as innovative cyber-physical systems evolve. The convergence of technologies holds immense opportunities, but also presents an array of ethical, economic and scientific challenges.

The rapid pace of change has no historical precedent and society cannot help but question the issues related to long-term sustainability.

International Standards can help shape our future. Not only do standards support the development of tailor-made solutions for all industries, they are also the tools to spread best practices, knowledge and innovation globally. International Standards have always had a pivotal role in enabling the smooth adoption of technologies.

In the same way that standards were crucial during the First Industrial Revolution, supporting the specialized mass production of manufactured goods, they will continue to play a critical role in this new era. Standards will ensure compatibility and interoperability around the globe, helping society to adopt technologies seamlessly as they emerge in the future.

That’s why October 14 is dedicated World Standards Day to “International Standards and the Fourth Industrial Revolution”. Each year, under the banner of the World Standards Cooperation (WSC), the International Electrotechnical Commission (IEC) joins ISO and the International Telecommunication Union (ITU) in celebrating the collaborative efforts of the thousands of experts worldwide who develop International Standards.

More information here: https://www.iso.org/news/ref2333.html 

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